Samudera Shipping Line has reported earnings of US$21.0 million ($28.2 million) for the 1HFY2024 ended June 30, 68.3% lower y-o-y.
Revenue fell by 27.1% y-o-y to US$223.0 million due to lower revenues from the group’s container segment and partly offset by higher contributions from the bulk and tanker as well as the logistics segments. Container revenue fell by 30.4% y-o-y to US$202.5 million due to lower container volume and a decline in freight rates.
Container volume for the 1HFY2024 fell by 2.4% y-o-y to 879,000 TEU (or twenty-foot equivalent unit) while average revenue per TEU fell by 28.8% y-o-y to US$230 due to contracted freight rates compared to the 1HFY2023.
Bulk and tanker revenue rose by 63.6% y-o-y to US$12.7 million mainly due to the addition and deployment of a liquefied petroleum gas tanker and two ethylene gas carriers to the group’s fleet.
Logistics revenue rose by 8.2% y-o-y to US$7.8 million due to higher third-party and fourth-party logistics business activity from existing and new clients in Indonesia.
Logistics storage capacity increased by 13.1% y-o-y to 148,500 pallet positions. Volume handled rose by 71.5% y-o-y to 971,100 pallet equivalents in the 1HFY2024. The higher volume was mainly due to new customers.
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Gross profit fell by 55.5% y-o-y to US$28.4 million
Other operating income fell by 77.4% y-o-y to US$1.7 million due to lower foreign exchange (forex) gain of US$0.4 million and due to the absence of a US$3.3 million gain on consolidation recorded in 1HFY2023. The gain came after the group acquired a 50% stake in the third-party logistics subsidiary in Indonesia.
Profit from operations fell by 67.0% y-o-y to US$20.4 million.
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The group has declared an interim dividend of 1 cent per share, which is lower than the 2 cents per share declared in the corresponding period the year before.
The dividend will be paid on Aug 21.
As at June 30, cash and cash equivalents stood at US$311.2 million.
Shares in Samudera closed 0.5 cents lower or 0.5% down at 99.5 cents on July 29.
